WMI to train 1,000 finance professionals, investors in sustainable finance, ESG over next 3 years

SINGAPORE'S Wealth Management Institute (WMI) is aiming to train 1,000 finance professionals and investors in sustainable finance and ESG (environmental, social and governance) competencies in the next 3 years, its chief executive Foo Mee Har said on Wednesday (Feb 9).

It is targeting professionals and investors across family offices, asset management and private banking, said Foo, who announced this target at the opening of the institute's new campus at One Marina Boulevard.

In March, WMI will launch a new Applied ESG Investing certification programme, designed to equip family office professionals and advisers with the tools and concepts needed to design and implement ESG investment strategies.

This programme will take place over 6 half-days. Among other things, participants will explore different approaches to ESG investing screening, due diligence, and selection processes by leveraging analytical tools and indices.

In the coming months, the institute will launch more online and in-person ESG programmes for asset managers, private bankers, next-generation family principals and other stakeholders in the financial ecosystem.

WMI will also conduct applied research to create high-impact ESG solutions and tools, starting with the family office sector. It also plans to bring together like-minded thought leaders and practitioners, such as through sector-specific conferences.

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Foo said she hopes WMI's suite of sustainability-centred programmes and research will spur innovations that can contribute to the green transition of industries and economies.

Deputy Prime Minister Heng Swee Keat, who was also present at the opening ceremony, said one key aspect of Singapore's Green Finance Action Plan, launched 2 years ago, is to develop markets and solutions to fund the development and adoption of low-carbon technologies in Asia.

The building of knowledge and capabilities in sustainable finance among asset and wealth managers, as well as family offices, is therefore a key priority, he said.

On Wednesday, the Monetary Authority of Singapore and Institute for Banking and Finance also laid out a framework of technical skills and competencies that will help finance professionals effectively perform their roles in sustainable finance. The framework covers 12 technical skills and competencies, such as climate change management, sustainability reporting, and carbon markets and decarbonisation strategies.

Heng also noted the overall potential of asset and wealth management in Asia, as one of the fastest-growing regions in the world.

"In tandem with economic development, private wealth in Asia is also growing rapidly, with a burgeoning middle class and an increasing number of ultra-high net worth. By attracting the flow of private capital in the region and around the world to Singapore, and investing these monies in an impactful way, we can create a virtuous circle that is mutually beneficially for communities and investors alike," he said.